Dunedin Enterprise Inves... Share Discussion Threads

[skyship] 30/11/2016 10:14

Specto - "...have those already" - Yes, we all seem to be suffering portfolio compression due to the paucity of value to be found elsewhere. I'm still only in PE trusts, propcos (now just LSR & UAI) & distressed debt (NBDG - my largest holding). Every day I cast around for something different...

[spectoacc] 30/11/2016 09:12

@Sky - agree there's better elsewhere, but trouble is, I seem to have those already! Spread puts me off selling, tho I know it shouldn't, and also living in hope that they can finally turn it around and actually have some success.

Although the GRY may be nothing to write home about, the NAV discount does give a fair bit of margin for error.

[skyship] 30/11/2016 07:44

Specto - agree, everything has a price, however because of the extended and reaffirmed timescale, I would suggest that you could do a lot better elsewhere.

If they manage to pay out the current NAV of 473p by 30th Jun'22, the GRY weighs in at a lightweight 7.8%pa at the bid price of 310p.

[pvb] 29/11/2016 19:05

What went wrong? For years it was a successful and popular - with retail investors - trust.

[spectoacc] 21/11/2016 09:22

Only technical, didn't really trade there.

Still - DNE remains probably the worst p/e trust on the market IMO - only in it myself because "everything has a price" !

[pvb] 18/11/2016 22:50

Yet another drop back, minus 3.1%, on the day.

[pvb] 16/11/2016 17:25

Third Quarter Results

[pvb] 06/9/2016 20:50

Barwon Equity Partners - Private Equity & Property investors - now has a 7.26% holding in DNE.

[skyship] 02/9/2016 07:37

"..just picked the wrong sectors." You are very generous Topvest. Personally I vote with eeza on this one. I view Dunedin management as incompetent and on the take. It seems as though the whole Dunedin structure is managed for the good of its managers, not its stockholders.

Glad to be out...

[topvest] 01/9/2016 20:36

Think they have just picked the wrong sectors. Reminds me a bit of Candover, but hope its going to turn out a lot better than that one.

[eeza] 01/9/2016 19:18

The management are, probably, the most inept in the sector. Would you give them a job? I would say that they are unemployable. Look at their record. Over any period you can mention they have vastly underperformed their peer group.

The CEO, at each results presentation, has always expressed surprise (disappointment) with the results. Almost a cut & paste each time.
"Well, unfortunately, another disappointing performance from DNE". As if it's the Co's fault, and nothing at all to do with the totally useless, unfit for purpose management. Whilst they charge 2.9% for abject failure.

They know full well they are pariahs in the sector, and unemployable, so they are going to stretch this out to infinity - if not beyond. IMO.

However, don't want to de-ramp as I sold the residue of my holding almost immediately I read " disappointing, no returns in the short term", at a small loss. I was expecting a better performance & a tender with the half year, given their earlier optimistic murmurings about interesting short term opportunities for realisations. Now off the watchlist, and BB deleted.

Good luck to all who stay the course.

[swiftnick] 01/9/2016 18:28

You think they'll be that quick?

[spectoacc] 31/8/2016 16:49

It's 475p of assets, allegedly in wind-down, for 320p, but can't disagree re disappointing performance - and can't tell whether NAV is going to start turning up sometime, or is in continual decline.

Not sure what "short term" is either - 3 months? 6 months? A year? We know there's returns coming, but clearly in the equally vague medium term.

Was never comfortable with "at least 7 years" for orderly wind-down - seems that's one of the few things the board will keep their word about!

[skyship] 31/8/2016 16:23

Agreed, disappointing. Decided to cut my small loss and move on...

[eeza] 31/8/2016 14:30

Normal service from DNE again - disappointing performance, you'da guessed it.

"The current forecast timing for realisations and new investments suggests it is unlikely that there will be further distributions of capital to shareholders in the short term."

[eeza] 31/8/2016 13:56

Just received email from DNE.

"Hello X



We expect to issue the RNS this afternoon for the DNE Half Year Results to 30 June 2016.



Kind regards



Claire McCorquodale

Marketing Manager

[spectoacc] 21/7/2016 06:48

"...Active ownership and with a strong focus on value creation and transparency."

Wonder if they'll do anything about the bleeding-us-dry fees...

[pvb] 20/7/2016 22:44

Doesn't seem to be doing it any harm at the moment.

These people are now involved:

12% -

4.84% -

[rambutan2] 18/7/2016 09:18

Not just below 3%, but out completely. So that overhang gone. Imho.

[eeza] 18/7/2016 07:05

Legal & Gen doing the selling, now below 3%.

[eeza] 15/7/2016 11:04

17% given away by someone.

[spectoacc] 15/7/2016 09:43

Interesting, ta.

[eeza] 15/7/2016 07:29

Lind add another 120k - 12.5%.


Also new fund holding , Barwon, take initial 1mill shares for 4.8%.